Brands Ready to Ride the Cryptocurrency Wave and Cash in on the Cool Factor, Proclaims Boson Protocol Co-Founder Justin Banon

Industry Leaders Look to Capitalize on Growing Crypto Market, According to Boson Protocol Co-Founder Justin Banon

Justin Banon. Source: a video screenshot, NFT NYC / YouTube

Talking with Cryptonews, Justin Banon, Co-Founder of Web3’s decentralized commerce layer Boson Protocol, discussed why legacy brands dress up Web2 into Web3, and how the next bull run will separate ‘fake’ from ‘real’ Web3 solutions.

Web3 Commerce: Unlocking the Trillion-Dollar Potential

If blockchain technology were a superhero, Web3 commerce would be its sidekick, poised to take the world by storm. With the multi-trillion-dollar market of real-world products at its fingertips, Web3 commerce is ready to tap into this wealth and integrate it seamlessly on-chain. It’s like a stylish superhero suit, enhancing the experience and value for both brands and consumers.

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The Web3 Allure: Still Shining Bright

Sure, Web3 may have recently faced some negative media attention and market turmoil, but like any resilient superhero, it stands strong. Brands and consumers alike recognize the revolutionary potential of Web3 technology. Even with some tarnish, the allure remains intact, drawing mainstream audiences into its mesmerizing web.

“As we transition from this bear market and approach a potential bull phase — anticipated to be driven by the forthcoming approval of Bitcoin ETFs, and the influx of possibly hundreds of billions into cryptocurrency — it’s evident that crypto is poised to gain widespread acceptance. Brands are eager to tap into this emerging, affluent, and cool market.” – Justin Banon

True Web3 Companies Will Rise

But before we get too excited, it’s important to note that Web3 commerce is still in its infancy. Many of the so-called Web3 applications we see today are nothing more than imposters, masquerading as pioneers while wearing the disguise of the outdated Web2 business models. These pretenders lack the fundamental principles that make Web3 truly revolutionary. It’s like they’re wearing a knockoff superhero cape, hoping nobody notices.

Here’s what sets authentic Web3 apart:

1. Programmable Hard Property Rights: Imagine commerce on steroids, where assets are programmable and enforceable. It’s like the commerce version of DeFi, with rules encoded in the underlying substrate. Picture enforceable secondary royalties on physical products and seamless global settlements.

2. Interoperability: By utilizing open protocol standards on public blockchains, Web3 creates a global, digital marketplace for both on-chain and real-world assets. It’s like a futuristic trading hub, connecting various universes and bringing them together in one place.

3. The Web3 Economy: Authentic Web3 technologies allow applications to seamlessly integrate like LEGO blocks. Tokenized assets flow reliably across the extended ecosystem, spanning finance, commerce, and the entire Web3 economy. It’s like the Avengers coming together to save the day, each playing their part and strengthening the whole.

Web3 Commerce: Protecting the People

Web3 commerce is not only about transforming the market; it’s about empowering those who participate in it. It offers protection from economic exploitation, data misuse, and monopolistic practices. It’s like a justice league fighting for the rights and well-being of all.

“As the next bull run unfolds, we will see the crypto community once again emerge as an affluent and financially active demographic.” – Justin Banon

The Emperor’s Web3 Clothes: Exposed

However, not all that glitters is gold. Many current physical ‘Web3’ commerce implementations operate in a Web2, centralized manner. They resemble counterfeit goods, promising hard property rights but delivering little more than a banking system’s empty promises. These imposters are vulnerable to rugpulls, leaving holders at the mercy of the slow and costly legal system.

This is not a new phenomenon. Established companies have a history of incorporating disruptive technologies into their existing models, but they often overlook the changing needs of their users. Their failure to harness the full potential of these technologies ultimately leads to their demise.

So why are brands engaging in ‘Web3 Washing’? Well, there are a few reasons:

1. Lack of Understanding: Many legacy sellers fail to grasp the true values and benefits of authentic Web3 commerce. It’s like they’re trying to comprehend the complex universe with a Web2 telescope.

2. Customer Ignorance: A significant portion of customers simply don’t understand or care about the nuances of authentic Web3 commerce. They’re like spectators watching a superhero movie without realizing the depth of the plot.

3. Unaddressed Challenges: Sellers follow established patterns for NFTs without realizing that physical Web3 commerce presents unique challenges that digital Web3 commerce doesn’t address. It’s like they’re bringing a lightsaber to a gunfight.

“And compounding these issues, there’s a burgeoning industry of Web3 agencies, NFT consultants, software providers, and NFT marketplaces. These entities, under the guise of expertise, are essentially promoting Web2 business models dressed as Web3 commerce, providing brands with narratives that are easy to digest and sell.” – Justin Banon

The Solution: Allies in Authenticity

But fear not, for there is a solution! Through alliances with authentic Web3 protocols, sellers can overcome this monumental challenge. It’s like joining forces with the superhero community, collaborating to create genuine solutions for physical Web3 commerce.

So, dear investors, as we prepare for the next bull run, remember to distinguish between the true heroes of Web3 and the imposters. Support the authentic Web3 companies that embody the core principles of the technology. Together, we can build a digital asset future that is both lucrative and superhero-worthy.

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